Since 2001, the lenders at Hometown Equity Mortgage are committed to doing everything in their power to provide clients a worry-free cash-out refinancing home loan process, from application to completion. The originators at Hometown can help you through the process of acquiring a home loan… and they make it easy!
What’s cash-out refinancing?
Refinancing is a great way to access cash through your home equity that has built up over time. It’s a mortgage refinancing option in which the new mortgage is for a larger amount than the existing loan amount. By refinancing your home, you may be able to decrease your monthly mortgage payments, get a lower mortgage rate and renegotiate the length of the loan.
What’s an example of a cash-out loan?
If your home’s worth $200,000 and your mortgage has a balance owing of $150,000, a cash-out refinance would allow you to borrow $170,000 (ideally, at a lower interest rate), pay out the original mortgage and pocket the $20,000 difference.
This cash can be used for home repairs, college tuition, debt consolidation, and other important endeavors.
Is a home refinancing loan right for me?
There are times when refinance makes sense, and other times not. There’s no benefit in adding $20,000 to your mortgage unless you’re getting a better interest rate. Also, if you borrow more than 80% of your home’s value, you’ll need costly private mortgage insurance. We’ll help you make the choice that’s right for you.
Disclosure: By refinancing the consumer’s current loan, the consumer’s finance charges may be higher over the life of the loan.
How To Get Started
Apply for a cash out home loan by calling us and we’ll be happy to discuss your needs at: 833-381-9733
